CHICAGO — Life would be easier if you didn’t have to make so many tough business management decisions—ones that only you can make. Fortunately, most decisions involving money management are less difficult. Here are six important money scenarios that you may encounter, along with advice to help you make the best choice:
USE A DEBIT CARD?
Possibly, but you need to be aware of how debit and credit cards differ and the unique risks of debit cards.
Unlike credit cards, debit cards give you no grace period for paying your bill. The money will be deducted from your account immediately each time you use it.
Unless you’re a fastidious record-keeper, keeping your account in balance can be a problem. It’s easy to misplace a receipt and forget to notate the transaction in your check register, resulting in overdrawn accounts and heavy financial penalties.